08/08/2024 Evening Reports
European stocks declined and US futures fluctuated as global markets continued to experience volatility due to ongoing debates about central bank policy decisions.
The Stoxx Europe 600 index reversed Wednesday’s gains, dragged down by technology and mining shares, while US futures swung between gains and losses.
Japanese stocks fell back into the red, and the dollar weakened against major currencies.
Economic concerns were heightened by weak US jobless claims and payrolls data, which fueled fears of a slowdown.
The Bank of Japan’s dovish stance contributed to market instability, with Deputy Governor Shinichi Uchida pledging not to hike rates during unstable markets, leading to a weakened yen.
Corporate earnings also influenced market movements. Siemens and Zurich Insurance reported disappointing results, while Allianz and Deliveroo saw gains.
Commodities remained steady, with oil prices holding after recent advances due to geopolitical tensions involving Iran and Israel.
Treasury yields dipped following a lackluster 10-year auction, and JPMorgan increased its recession probability for the US economy to 35%.
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U.S. Natural Gas Producers Eye Output Cuts as Prices Plummet
Major natural gas producers in the U.S. are gearing up to reduce production further in the latter half of 2024, following a nearly 40% drop in prices over the past two months.
Henry Hub gas futures have fallen to approximately $2 per million British thermal units (mmBtu), and West Texas Waha prices have hit negative territory more frequently than ever this year.
The price decline occurred as demand weakened due to cooler-than-anticipated temperatures, while supply increased as some producers ramped up output in the second quarter after a 47% price surge in April and May.
According to the Energy Information Administration (EIA) in its August short-term energy outlook report, U.S. natural gas production is expected to average about 103.3 billion cubic feet per day (bcfd) this year. This is a slight decrease from last year’s production of 103.8 bcfd and a downward revision from the 103.5 bcfd forecast provided in the July report.
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